Ecotricity withdraws bid for seats on rival’s board

Good Energy chairman hails it as a "positive step"

Dale Vince Dale Vince

Ecotricity has formally withdrawn its bid for two seats on the board of rivals Good Energy.

In a statement issued yesterday (24 August) by Good Energy, the green energy supplier said both companies “have agreed not to proceed” with next month’s general meeting to vote on whether or not to appoint Ecoctricity founder and chief executive, Dale Vince, along with the managing director of its electric highways division, Simon Crowfoot, as non-executive directors on the Good Energy Board.

The meeting was due to take place on 6 September.

The statement adds Ecotricity has “therefore withdrawn its notice” requesting the meeting, which has now been “indefinitely adjourned”.

Ecotricity is now the largest single shareholder in Good Energy and owns 25.3 per cent of the issued share capital.

The company launched the surprise bid last month, which sparked a war of words between the two firms, with Good Energy calling on shareholders to reject the bid.

“We seek a constructive dialogue with Ecotricity, as we do with all of our sharheolders, and see this as a positive step,” said Good Energy chairman, John Maltby, in a statement yesterday.

“We hope very much that we can put this matter behind us and would like to thank our customers, shareholders, and other stakeholders for their support.”

Author: Jamie Hailstone,
Channel: Markets & Trading , Finance & investment
Tags: Ecotricity , Good Energy , UK , Electricity Retail

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